Nhlanhla Nene relieved of his duties, Tito Mboweni appointed new Finance Minister

"We wish Minister Mboweni well as he journeys through the mammoth task of steering our economy in the right direction".

This is after he took to the stand in the judicial commission of inquiry into state capture, and admitted to having met the Gupta family on several occasions - this is contrary to what he told news channel eNCA back in 2015.

"It's a measure of his character and commitment to the country that he has made a decision to resign in spite not being implicated in any wrongdoing", the president said.

Mboweni, who trained as an economist, served as head of the South African Reserve Bank for a decade until 2009 and for four years as labour minister in former President Nelson Mandela's cabinet.

The ANC forced Zuma to quit as president in February, clearing the way for his 65-year-old deputy and party leader Ramaphosa to take over.

Asked repeatedly at a media event in Cape Town whether Nene still enjoyed his confidence and what the future might hold for the finance minister, President Ramaphosa made light of the questions and pretended there was something wrong with his hearing.

There are fears however that a new finance minister, three weeks before the tabling of the Medium Term Budget Policy Statement - the so-called mini-budget - could lead to more political turbulence. The court further ordered her to pay 20% of the legal costs for the Black Sash and Freedom under law - the two non-governmental organisations that took her to court after Sassa said previous year that it would be unble to pay social grants from April 2017.

Jonas, a former deputy finance minister, was offered the post on Monday, according to the people, who spoke on condition of anonymity because they aren't authorized to comment.

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